One of the losing BCE suitors, U.S. buyout firm Cerberus Capital Management, has not given up its pursuit of BCE, the newspaper reported, citing a source close to Cerberus.

"It's not over until we say it's over," it quoted the source as saying.

Meanwhile, Telus Chief Executive Darren Entwistle told the newspaper his company is keeping its options open. Entwistle would not comment on whether Telus itself has been approached about a takeover, according to the report.

None of the companies named in the story was immediately available for comment.